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Musculoskeletal News Roundup 2-Feb-12 BY LAUREN UZDIENSKI, FEBRUARY 2, 2012
Kensey Nash reported F2Q:12 sales and royalties of $23.0 million, up 32% over the year-ago period and missing estimates by $1.3 million. Orthopedic sales increased by 53% after adjusting for the impact of the Norian acquisition. Adjusted EPS was $0.51, compared to $0.38 in F2Q:11, and beat estimates by $0.05.
RTI Biologics reported 4Q:11 revenues of $42.9 million, up 2% over the year-ago period and beating estimates by $1.7 million. The company attributed performance to "the strength of the sports medicine and [bone graft substitutes/general orthopedic] businesses. Net income for the quarter was $2.4 million, or $0.04 per share, which compares to net income of $2.8, or $0.05 per share, in 4Q:10. Analysts had forecast EPS of $0.03.
Smith & Nephew reported 4Q:11 revenues of $1.1 billion, up 3% over the year-ago period and missing estimates by $26.0 million. Orthopedics revenue was flat at $586.0 million; recon was flat, with knee up by 2% and hip down by 2%. Trauma declined by 2%. Clinical Therapies increased by 8%. Endoscopy sales increased by 7%. Growth rates exclude the effects of currency. Adjusted EPS was $0.22, in line with the prior year and beating estimates by a penny.
Checkpoint Surgical completed a $1.7 million Series B investment round led by the NDI Healthcare Fund in December 2011. The company also secured non-dilutive funding of over $1.3 million, including a $1.1 million Innovation Ohio loan and a $245,000 federal grant. The company manufactures the CHECKPOINT Stimulator/Locator, a hand-held, intraoperative nerve and muscle stimulator that helps surgeons to locate, identify and evaluate nerves during surgery to facilitate nerve preservation and repair.
ConforMIS raised $89.0 million in a Series E round of funding, with additional funds beyond this amount committed upon meeting certain milestones. The company will use the funds to support ongoing sales and marketing expansion, R&D investment into new product lines and build-out of manufacturing infrastructure. The investments originated from private equity funds in the U.S., Europe, Asia and the Middle East. Principal investors in the round include AGC Equity Partners and Axel Johnson, Inc., along with Government Investment Funds from Asia and the UAE.
Eden Spine received 510(k) clearance for its GIZA corpectomy device. The GIZA is an expandable titanium VBR with rotatable endplates that the company says "provide multiple angulation options by simple endplates rotation."
FH Orthopedics received 510(k) clearance for its PEEK fixation screws for the CoLS technique, which are designed for fixating the tendon graft to the femur and tibia during ACL and PCL reconstructive surgeries.
NLT SPINE received 510(k) clearance for its PROW FUSION Transforaminal-Lumbar Interbody Fusion device and delivery system. The company says that that the PROW FUSION offers a larger footprint than competitive devices, which is intended to provide "greater biomechanical stability and less subsidence postoperatively."
Product Introduction & Update
ThermoGenesis announced updates on clinical evaluations involving its Res-Q 60 BMC system, a point-of-care platform designed for the preparation of cell concentrates from bone marrow, in the treatment of critical limb ischemia and long bone fractures. The company said the results "demonstrate encouraging preliminary results with stem cell concentrates."
Distribution and Licensing